PageGroup Q4 profits fall as hiring slowdown continues

(Sharecast News) - Recruitment specialist PageGroup reported lower fourth-quarter profits as firms continued to cut hiring budgets and delay staffing decisions amid global economic turbulence. Group gross profit fell 8.9% to £237.7m year on year. Trading conditions in Asia, the UK or the US saw no improvement, while trading conditions deteriorated in Europe.

"We experienced a slower end to the quarter as customer uncertainty was compounded by the proximity to year end salary reviews and bonuses, which combined to make trading particularly challenging," PageGroup said in a trading update on Monday.

Reporting by Frank Prenesti for Sharecast.com